Economic growth in Germany decreased slightly at end of year. According to Federal Statistical Office, gross domestic product rose by 0.6 percent in period from October to end of December compared to same quarter last year. In three months before that, re had been a plus of 0.7 percent.
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According to Bundesbank, development is also attributable to two days of bridge in October. In its latest monthly report, Federal Reserve has a positive overall conclusion: “This does not affect economic upturn in Germany, which is strong and broadly supported in basic trend.”
The Federal Statistical Office also confirmed preliminary data stating that gross domestic product has been up by 2.2 percent in full year. This has been strongest plus for six years. Thus, German economy grew for eighth year in a row.
Exports crucial
According to statistics authority, growth at end of year was mainly driven by foreign trade. The recovery of global economy is increasing demand for goods made in Germany, Germany’s export companies achieved fourth record year in a row 2017. In addition, companies invested more in machinery and or equipment at end of year. Investments in buildings, however, decreased somewhat.
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Economists anticipate a continuation of economic boom this year and expect strong growth of significantly more than two percent. The chief executive of federal government lasted from an increase in gross domestic product by 2.4 percent. “The German economy is in a very good shape,” said federal Economics minister Brigitte Zypries (SPD) recently at presentation of annual economic report.
Inflation slightly decreased
In context of record employment and rising wages, private consumption should also contribute to this. Slower rising consumer prices are also helpful, which has slightly weakened inflation in Germany. According to Federal Statistical Office, prices rose by 1.6 percent in January compared with same month last year – after 1.7 percent in December and 1.8 percent in November.
The development of energy prices is responsible for slight decline. Fuels such as petrol and diesel cost 0.5 percent less than in January 2017, while gas was even lowered by 1.3 percent. Price drivers were mainly foodstuffs: edible fats and oils became more expensive by 15.2 percent, dairy products by 10.3 percent and fruit by 8.3 percent. In case of services, re was a surcharge of 1.6 per cent, for apartment rentals of 1.7 percent.
